Me and a friend have a photography business, and someone asked us to photograph a dance recital for a school.

We have done only portraits so I'm not sure really what to price. We will be taking pics during the recital and afterwards of the group and each of the dancers. Let me know what you think, cause I have know idea and I can't really find anything to help me out.

just to get a feel for it and not to over-complicate it you could simply figure out how much time you are going to spend on the whole project and pick and hourly rate you want out of it. Don't count on my advise though, i am just trying to get a feel for the same thing and that's the best idea i can come up with especially if, like you, I don't have much lasting experience in that field.

Well, I think if you called several studios and ask what they would charge.
(don't tell them that you are doing the shoot they may not tell you anything)
Tell them that you want a base price and that you are shoping around for the best price and that you have heard great things about their work.
I have done this and it works for me.
The price they give you I would charge a bit less based on your experance shooting. If everything works out well (knock on wood ) they will have you back for more and spred your name & number around.
make cards to pass out to people and when you see how things turn out then you can up your price.
New and refered clients (around here anyway) some times get anywhere for %10-%20 off the first shoot.